A 7-Eleven convenience store is set to finally open in India, Mumbai specifically, this Saturday, all thanks to Reliance.
Reliance Industries (RIL) on Thursday announced that its subsidiary Reliance Retail Ventures Limited (RRVL), having entered into a master franchise agreement with 7-Eleven Inc (SEI), will launch its first store in Andheri East, Mumbai, on Saturday.
“The first 7-Eleven store is set to open on Saturday, October 9, in Andheri East, Mumbai. This will be followed by a rapid rollout in key neighbourhoods and commercial areas, across the Greater Mumbai cluster to start with,” RIL said through an exchange filing.
Mukesh Ambani-led RIL further informed that the 7-Eleven stores will provide shoppers with a unique style of convenience, offering a range of beverages, snacks and delicacies, and other essentials.
“SEI will also support RRVL in implementing and localizing the unique 7-Eleven convenience retail business model for India, including bringing best in class processes and practices,” RRVL stated.
“With the launch of 7-Eleven stores, RRVL as the country’s largest retailer, takes a step further in its journey of offering a superior shopping experience and compelling value proposition for Indian customers,” the Reliance statement said.
Reliance will look forward to rapidly expand 7-Eleven’s presence across Mumbai and later India, which is one of the biggest markets for retail stores.
“India is the second-largest country in the world and has one of the fastest-growing economies,” 7-Eleven’s President and Chief Executive Officer Joe DePinto said in the statement. “It’s an ideal time for the largest convenience retailer in the world to make our entry into India.”
Reliance’s announcement comes days after Future Group-owned Future Retail Limited terminated of Master Franchise Agreement with 7-Eleven after over two years of plans to operate stores in India. The agreement fell through as Future “was not able to meet the target of opening stores and payment of franchisee fees.”
In 2019, Future Retail had signed a master franchise agreement with 7-Eleven to develop and operate convenience stores in India. It had then proposed to open its maiden store in India in early 2020, though no store was eventually opened.
Future Group had agreed to sell its retail assets to Reliance, but the deal got stuck in legal battle with online shopping giant Amazon. Earlier this month, Reliance Retail extended the deal’s deadline by six months.